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Bad weather caused insured damages of $455 million in the Atlantic in 2023

Natasha Kumar By Natasha Kumar Jan11,2024

Some bad weather has caused insured damages of $455 million in the Atlantic in 2023

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Flooding in the suburbs of Halifax, July 2023. The region received as much rainwater in one day as the three-month average.

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In the Atlantic, three particular weather events in 2023 caused insured losses estimated at 455 million dollars, according to industry data recognized by the Insurance Bureau of Canada.

These are the following events:

They are part of a list of nine noteworthy severe weather events in 2023 released this week by the Insurance Bureau of Canada, a national organization that represents private insurers.

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Forest fire damage in Upper Tantallon, Nova Scotia, May 29, 2023.

Altogether in Canada in 2023, these nine weather events caused insured losses of more than $3.1 billion.

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This is the second year in a row that this type of insured loss has cost more than $3 billion, according to the industry.

All of this has implications for insurance premiums across the country, according to New Brunswick insurance consumer advocate Michèle Pelletier.

Unfortunately, when there are big, catastrophic losses like that, insurers will want to try to recover their money. It is certain that where these disasters occurred, these policyholders will pay even more, but it will be distributed. We're going to see some at home too, explains Michèle Pelletier during an interview given Thursday to ICI Acadie's La matinale show.

Bad weather and insured damage:& ;nbsp;will premiums increase?.SHOW HERE PREMIERE.La matinale.

Bad weather and insured damage: will premiums increase?

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Michèle Pelletier emphasizes that insurers in Canada do not have any rules to follow to establish their pricing for home and business insurance. The insurer can decide to increase, decrease, modify its rules without asking anyone's permission.

Insurers can also outright refuse to cover a risk that they consider too high.

Michèle Pelletier gives the example of coverage for water damage. This coverage, she points out, is generally not part of a regular home insurance policy. Consumers can have it added to their coverage, but be careful, it may be limited.

The majority of insurance companies, if I have had a claim [for water damage], will say that it's okay, that we will pay this one, but next time, you won't are more confident. We are going to remove this risk. If I have already had a complaint, on the second one I risk finding myself having to pay to renovate my house, illustrates Ms. Pelletier.

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Michèle Pelletier is an insurance consumer advocate in New Brunswick. (Archive photo)

Michèle Pelletier advises consumers to never hesitate to check if it is more advantageous for them to change insurer. She recommends that they ask questions and compare premiums, the extent of coverage and the deductible, i.e. the portion of damages that policyholders must pay for themselves.

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Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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